There are important anomalies in the cattle and beef markets this year. Futures have shown amazing strength, buoyed largely by export demand. Now as fed cattle prices enter a period of seasonal decline, there are factors that suggest 2019 and 2020 may continue to differ from recent years. Heifer Slaughter As a share of steer slaughter (federally inspected or FI), heifer slaughter is running well above the five-year average and 2018 values. At the feedlot level, the share of heifers in feeder cattle receipts has also been consistently running above year-ago levels. Should these trends continue, it could signal lower beef heifer retention rates for 2019 and 2020 that would ultimately tighten cattle supplies in 2020 and 2021.
Fed Cattle W...
What You Need to Know Today: After a period of limited activity, USDA reported a sizeable 613 KMT in soybean export sales, including 330 KMT to China and 283 KMT to unknown destinations, potentially also China. The purchases represent a meaningful pickup in demand and bring China closer to ful...
Key Takeaways: Consumer spending is a key driver of the U.S. economy, and the latest retail sales data indicate that spending remains robust despite inflation. In September, total retail and food service sales rose more than 6 percent year-over-year, with food service spending up 7 percent and...
The Trump import plan for 300,000 MT of beef supplies used for ground beef, i.e., lean trim, from September through November has, according to Secretary Brooke Rollins, brought some relief to beef prices. The Executive Order states that the Secretary of Agriculture will analyze and review the m...
